PIMFA
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Overview
The FCA has announced SMCR will be implemented within the wider financial services sector by December 2019. With that in mind, now is the time for senior managers and members of the board to bring themselves up to date with what this means for the governance and culture within the firm, along with their own individual responsibilities and accountabilities.
H M Treasury has estimated that 17,200 Investment Firms (including stockbrokers, securities and futures firms, asset managers, family offices and financial advisers) will be affected. This will impact on 106,000 Approved Persons, 43,900 future Senior Managers and 62,000 certified persons, many of whom will be our members.
This overview pays particular attention to the size and nature of a business run on a smaller scale than perhaps the recipients of the original Senior Managers regime. Based on the experience gained from the initial introduction of SMCR within the banking community, both from a regulatory and industry perspective, this interactive two-and-a-half-hour briefing will allow you to consider the challenges you may face, and the key actions you can start to take in order to achieve a smooth transition into the SMCR world.
PLEASE NOTE:
THIS IS A MEMBER ONLY EVENT.
THERE WILL BE TWO SESSIONS AVAILABLE ONÂ 14th or 27th NOVEMBER – Please note your date preference on your booking.
Who will benefit
Positioned for those who will hold senior management functions, those who are involved in the governance of the business, and those who provide either direct support or report to senior managers, this briefing will provide an insight as to the initial work that needs to be undertaken, and the high-level detail for a more comprehensive plan to be developed.
Briefing discussion areas:
- Identification of the key elements of the regime, and how this will affect the firm and its governance
- Appreciation of the impact of individual accountability inherent to SMCR
- Understanding how the certification regime will operate within the firm
- Consideration of the implications of implementation of the conduct rules
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Session  |
Content |
| Introduction and Objectives | ·      Introductions
·      Course overview ·      Individual objectives |
| What and Why – SMCR overview | ·      Background to SMCR
·      Timeline ·      High level introduction to the component parts of SMCR |
| The component parts – Senior Managers | ·      Senior management functions mapping
·      Prescribed Responsibilities for senior managers ·      Statement of responsibilities ·      Duty of responsibility |
| The component parts – Certification | ·      Identification of the certified population
·      Comparing against the approved persons regime ·      Organisational impacts |
| The component parts – Conduct Rules | ·      Review of the Conduct rules and impact:
o  For senior managers o  For certified individuals o  For all staff ·      Reporting requirements and keeping track |
| Summary and close | ·      Next steps
·      Close |
